Credit pick-up gathers steam for second fortnight at 13.7 per cent

MUMBAI: Credit pick-up continued to inch up for the second fortnight in a row rising 13.67 per cent to Rs 61,21,418 crore for the fortnight ended July 11 as against Rs 53,85,033 crore in the same period last year.

According to the latest Reserve Bank data, bank deposits grew 13.24 per cent year-on-year to Rs 79,96,060 crore during the reporting fortnight.

According to the RBI data, deposits of commercial banks stood at Rs 70,60,636 crore in the year ago period.

The demand deposit grew 10.71 per cent to Rs 7,20,458 crore from Rs 6,50,751 crore in the year ago period, while time deposit rose 13.50 per cent to Rs 72,75,600 crore in the period as against Rs 64,09,886 crore.

It can be noted that for the past many months, deposit growth has been higher than credit pick-up as corporates kept away from the banks, citing project delays.